How to Refinance Credit Card Debt: Options, Costs and a Step-by-Step Plan
Refinancing credit card debt means replacing or moving a high-cost revolving balance into a structure with better terms. The right move depends on the new APR, transfer or origination fees, repayment term, credit requirements, monthly payment and whether you can stop rebuilding the old balances.
How to refinance credit card debt: the quick answer
To refinance credit card debt, replace or transfer the existing balance into a new credit arrangement with terms that are meaningfully better than the card you have now. The most common routes are a 0% or low-intro-APR balance-transfer card, a fixed-rate personal or debt-consolidation loan, or a direct interest-rate reduction negotiated with your current card issuer. A home-equity product can also be used in some cases, but it changes unsecured card debt into debt secured by your home and therefore carries a much larger risk.
The best refinance is not automatically the product with the smallest monthly payment. A lower payment can come from stretching repayment over several extra years. That may improve short-term cash flow while increasing the total dollars you repay. The comparison should therefore include APR, all fees, repayment term, monthly payment, total projected interest, payoff date and collateral risk.
If your main goal is simply to choose the best payoff strategy without opening new credit, start with What’s the Best Way to Pay Off a Credit Card?. Refinancing is a narrower decision: it asks whether moving the debt to a different structure actually improves the economics of repayment.
Before applying, write down the current balance, purchase APR, minimum payment and the monthly amount you can realistically commit. Then compare the proposed refinance using the same payoff horizon. If the new product does not reduce total cost, improve cash flow without an unreasonable term, or solve a specific structural problem, moving the balance may not be worthwhile.
What does it mean to refinance credit card debt?
Credit cards are revolving debt. You can borrow, repay and borrow again up to the available limit, and the interest rate can be much higher than rates available on certain installment loans or promotional balance-transfer offers. Refinancing generally means moving some or all of that revolving balance into a lower-cost or more predictable structure.
Refinancing does not erase the principal
If you owe $18,000 across three cards and refinance the balances into a $18,000 personal loan, the principal debt has not disappeared. You have changed the creditor, rate structure, payment schedule or all three. This is why refinancing is very different from settlement or debt forgiveness. For a broader comparison between repayment and relief approaches, see Debt Consolidation vs. Debt Relief.
Refinancing and consolidation can overlap
A consolidation loan can be a form of refinancing when it pays off one or more high-rate cards and replaces them with a new loan. But not every refinance consolidates multiple accounts. Moving one card balance to a lower-rate card is refinancing even if no other debt is involved. Likewise, asking the same issuer to lower your APR can improve financing terms without moving the balance at all.
The goal should be measurable
Choose the reason before choosing the product. Are you trying to reduce interest, lock in a fixed payoff date, lower the monthly payment, simplify several cards into one payment, or protect yourself from a high variable APR? Each goal can point to a different refinance structure.
There are several ways to replace high-cost revolving debtWays to refinance credit card debt
The main options fall into four groups. The right one depends on your credit profile, available cash flow, homeownership status and how quickly you can repay the balance.
1. Transfer the balance to a new credit card
A balance-transfer card can offer a 0% or low introductory APR for a limited period. The Consumer Financial Protection Bureau notes that balance transfers commonly carry a fee even when the promotional APR is 0%. This option can be powerful when you can repay the transferred balance inside the promotional window.
2. Replace revolving debt with a personal loan
A personal loan creates a fixed monthly payment and a defined term. If the APR plus any origination fee is materially lower than the credit-card cost, the loan can reduce interest and impose a clearer payoff schedule. If the loan is only cheaper because the term is much longer, compare total cost carefully.
3. Ask the issuer to reduce the card APR
You can call the issuer directly and ask whether a lower APR, hardship plan or other repayment accommodation is available. FTC guidance encourages consumers to contact creditors directly and notes that you do not need to pay a company merely to make that request for you.
4. Use home equity only after comparing the risk change
A home-equity loan or HELOC can sometimes have a lower rate than unsecured card debt, but your home becomes collateral. That is a fundamental change in risk. Read Home Equity Loan to Pay Off Debt before using secured borrowing to refinance revolving balances.
The best candidate has a clear cost advantage and a realistic payoff planWhen does refinancing credit card debt make sense?
Refinancing is most attractive when the current card APR is high, your payment history is strong enough to qualify for better terms, you have stopped adding significant new balances, and the new structure creates a clear financial advantage. It is less attractive when fees erase the interest savings, the new term keeps you in debt for much longer, or the refinance would tempt you to reuse the paid-off cards.
Your current APR is materially higher than the new effective cost
APR is the starting point, but not the finish line. A loan with a 12% APR and a 5% origination fee can still be cheaper than a card at 28%, but the fee has to be included in the comparison. A 0% balance transfer with a transfer fee may beat both if you can repay within the promotional period.
You can afford the payoff payment, not just the minimum
A refinance is strongest when the monthly payment is high enough to extinguish the debt within the intended term. A low minimum on a promotional card can create a false sense of affordability if it leaves a large balance when the introductory period ends.
Your spending pattern has changed
If the old balances were created by a temporary event and the underlying budget is now stable, refinancing may accelerate recovery. If monthly spending still exceeds income, moving the balance can create two debts: the new refinance balance and a rebuilt card balance. In that situation, Consumer Credit Counseling may be more useful than another application.
Approval and pricing depend heavily on the credit profileWhat credit score or profile do you need to refinance credit card debt?
There is no universal credit-score cutoff for refinancing. Each card issuer and lender sets its own underwriting criteria. Better credit generally improves access to lower APRs, larger credit limits and more competitive loan terms, but income, existing debt, recent inquiries and lender-specific rules also matter.
Balance-transfer limits can be smaller than the debt you want to move
Approval for a balance-transfer card does not guarantee a credit limit large enough to absorb every balance. If you receive a $7,500 limit but want to move $15,000, only part of the debt may be refinanced. Factor the transfer fee into the available limit as well, because issuer rules differ.
Personal-loan underwriting looks at more than the score
Lenders may consider income, employment, debt-to-income ratio, credit history, recent delinquencies and the requested amount. If your existing monthly obligations are already high, review How to Reduce Your Debt-to-Income Ratio before sending multiple applications.
Use prequalification carefully when available
Some lenders offer prequalification that may use a soft credit inquiry, while a full application can require a hard inquiry. The exact process varies. Verify the lender’s disclosure before assuming a rate check will not affect your credit report.
APR comparisons only work when every fee is includedHow to compare APR, transfer fees and origination fees
To compare refinancing options accurately, convert every cost into dollars over the same payoff period. This prevents a low headline APR from hiding a large upfront fee or a long term from disguising higher lifetime interest.
Balance-transfer fee
The CFPB explains that card issuers may charge a balance-transfer fee even on a zero-percent promotional offer. The fee is typically expressed as a percentage of the amount transferred or a minimum dollar amount. If you transfer $10,000 with a 4% fee, the transaction can add $400 to the balance or otherwise be charged according to the issuer’s terms.
Personal-loan origination fee
Some personal loans deduct an origination fee from the proceeds or add the cost to the loan economics. If you need exactly $20,000 to pay your cards, a loan that deducts a fee from disbursement may require a larger approved amount to deliver the necessary payoff funds.
Standard APR after a promotion
A balance-transfer promotion is temporary. If the debt is not repaid by the end of the promotional period, the remaining balance can begin accruing interest at the standard rate disclosed by the issuer. Build the payoff around the promotion end date rather than around the minimum payment shown on the statement.
Term length
A five-year loan at a lower APR can still cost more than a three-year loan if the longer term keeps interest accruing for much longer. Compare both monthly payment and total repayment dollars.
A 0% offer can be powerful, but the deadline mattersHow to refinance credit card debt with a balance-transfer card
A balance transfer moves debt from an existing credit card to a new card. Many issuers use 0% or low introductory APR offers to attract transfers. This can dramatically reduce interest during the promotional period, but the strategy works best when the payment plan is built around paying the transferred balance in full before the promotion expires.
Calculate the required monthly payoff before applying
If you expect to transfer $12,000 and a 4% fee adds $480, you would need to repay roughly $12,480 over the promotional period. If the 0% period lasts 18 months, a simple no-interest target is about $693 per month. If that payment does not fit your budget, the promotion may not solve the problem even though the APR looks excellent.
Avoid mixing new purchases with the transferred balance
CFPB guidance warns that carrying a promotional balance can affect how interest applies to new purchases and the grace period. Read the card’s terms carefully and consider using a separate card or debit account for current spending while the transfer balance is being paid down.
Transfer processing is not instant
Continue making required payments on the old card until the transfer has actually posted and the old balance is confirmed. A missed payment during the transfer process can create late fees and credit damage.
How to refinance credit card debt with a personal loan
A personal loan can replace revolving card debt with one fixed installment payment. This can make budgeting easier and create a defined payoff date. It can also reduce interest if the approved APR and fees are meaningfully below the card costs.
Compare the effective loan amount with the exact card payoff amounts
Request current payoff or statement balances for the cards you intend to refinance. Make sure the net loan proceeds are sufficient after any fee. If the lender sends funds directly to creditors, verify every payoff. If funds are deposited to you, complete the payments promptly and keep confirmations.
Do not extend the term just to lower the payment
A $20,000 loan over seven years can produce a much lower payment than the same balance over three years, but the longer term may materially increase total interest. If you are considering consolidation mainly for convenience, Is Debt Consolidation a Good Idea? provides a broader decision framework.
Decide what happens to the paid-off cards
Paying a card to zero does not automatically close it. Keeping the account open may preserve available revolving credit, but only if you can avoid rebuilding the balance. For the credit and behavior trade-offs, see Can I Still Use My Credit Card After Debt Consolidation?.
Sometimes the cheapest refinance is no new account at allCan you refinance credit card debt by asking your issuer for a lower APR?
Yes, it is worth asking. There is no guarantee the issuer will reduce your APR, but a direct rate reduction can improve the economics without a balance-transfer fee, origination fee or new credit account. The FTC specifically advises consumers that they can contact their card company themselves to ask for a lower rate or affordable payment plan.
Prepare before the call
Know your current APR, payment history and any competing offers you have legitimately received. Ask whether there is a lower ongoing APR, a temporary hardship rate, fee waiver or structured payment program available. Document the representative’s name, date, terms and confirmation number.
Get any arrangement in writing
If the issuer changes payment terms, ask for written confirmation. A temporary hardship program may restrict card use or have other conditions, so understand the complete agreement before accepting it.
Multiple balances create both an opportunity and an execution riskHow to refinance multiple credit cards at the same time
Refinancing several cards can simplify repayment, but it also increases the importance of accurate payoff amounts and sufficient approved credit. Build a debt inventory first: issuer, balance, APR, minimum payment, due date and any promotional expiration date.
Prioritize the highest-cost balances if you cannot refinance everything
If the approved loan or transfer limit is smaller than total card debt, direct the available refinancing capacity to the highest-APR balances unless another factor makes a different order more valuable. Continue minimum payments on every card that remains.
Do not assume one payment means lower total cost
Convenience is useful, but the economics still matter. Compare the weighted cost of the old cards with the new loan’s APR, fees and term. Do It Yourself Debt Consolidation includes a self-managed checklist for comparing multiple balances and verifying payoffs.
Weak credit can turn a refinance into an expensive reshuffle
How to refinance credit card debt with bad credit
Bad credit can make low-cost refinancing harder. You may receive personal-loan offers with APRs close to the card APR, small approved amounts or fees that eliminate much of the savings. A 0% balance-transfer card may also be difficult to qualify for.
Do not accept a loan just because it approves you
Compare the new APR and fees with the actual card costs. If the refinance does not reduce cost or create a sustainable payment structure, approval alone is not a reason to proceed.
Consider improving the profile before refinancing
Keeping payments current, lowering revolving balances and avoiding unnecessary applications can improve the profile lenders see over time. The exact score response cannot be predicted, but reducing utilization can be helpful. See How Bad Is Debt Consolidation for Your Credit? for the credit mechanics.
Use counseling when new credit is not attractive
If available refinance offers are expensive and the minimum payments are becoming unmanageable, a nonprofit credit counselor can review the budget and discuss whether a debt management plan is appropriate. That is not a new loan. Debt Management vs Debt Consolidation explains the difference.
The best option depends on cost, speed and repayment disciplineCredit-card refinancing options compared
| Refinancing option | Best use case | Rate structure | Typical key cost | Main risk |
|---|---|---|---|---|
| 0% balance-transfer card | Can repay within the promo window | Temporary promotional APR, then standard APR | Balance-transfer fee | Remaining balance becomes expensive after promotion |
| Personal / consolidation loan | Want a fixed payment and payoff date | Usually fixed APR | Possible origination fee | Long term can increase total interest |
| Issuer APR reduction | Strong payment history or temporary hardship | Reduced ongoing or temporary APR | Often no new-account fee | Reduction is not guaranteed |
| Home-equity loan | Homeowner with equity and strong risk tolerance | Often fixed | Closing costs / fees | Home secures debt that was unsecured |
| Debt management plan | New credit is unattractive or unaffordable | Creditor concessions may reduce rates | Potential counseling/DMP fees | Not a refinance loan; account restrictions may apply |
No column should be read in isolation. The lowest headline rate can lose its advantage if the fee is high, the repayment term is too long or the required payment is unrealistic. The most useful comparison is the total dollar cost to reach a zero balance while remaining current on every obligation.
A simple example shows how fees and term change the answerExample: refinancing $15,000 of credit card debt
Assume $15,000 is carried on a card at 26.99% APR. The examples below are simplified illustrations, not offers, and assume no new purchases or late fees. They show why a lower rate is useful only when paired with a workable payoff schedule.
| Illustrative path | Assumption | Approx. monthly payment | Approx. financing cost | What matters |
|---|---|---|---|---|
| Keep card, 36-month payoff | 26.99% APR | ≈ $612 | ≈ $7,000 interest | High APR makes a 3-year payoff expensive |
| 36-month personal loan | 13% APR, no fee in illustration | ≈ $505 | ≈ $3,180 interest | Lower rate and fixed term reduce cost |
| 18-month 0% transfer | 4% transfer fee | ≈ $867 | $600 fee | Lowest cost here, but highest monthly cash requirement |
The balance transfer is theoretically cheapest in this illustration, but it requires roughly $867 every month. If the borrower can only afford $500, the fixed-rate loan may be more realistic even though it costs more. The right refinance is the one that improves total cost and fits the cash flow needed to finish the plan.
How refinancing credit card debt can affect your credit
The credit effect can be mixed. Applying for a new card or loan can create a hard inquiry and a new account. At the same time, paying down revolving card balances can lower utilization, which can be favorable for credit scoring. The exact score movement depends on the scoring model and the rest of your credit file.
Do not apply for several products at random
Multiple applications can create multiple inquiries and still leave you with no better offer. Compare likely eligibility first, then apply selectively.
Keep every old account current until payoff is confirmed
A refinance in progress does not excuse a missed minimum payment. Continue paying as required until the old issuer shows the payoff. Payment history matters more than the convenience of assuming the transfer has already completed.
Paid-off cards can stay open
Whether to keep a zero-balance card open depends on fees, spending behavior and your broader credit profile. Closing it can reduce available credit, but leaving it open can be risky if it encourages renewed spending. Choose based on long-term behavior rather than a short-term score prediction.
Mortgage timing can make a good refinance badly timedHow credit-card refinancing can affect DTI and a mortgage application
A personal loan may change the monthly obligation used in your debt-to-income ratio. A balance transfer may change the required payment, but the debt still exists. If refinancing is being considered because you plan to apply for a mortgage, the timing matters as much as the payment math.
A lower monthly payment can reduce DTI, but a new account still must be underwritten
If several card minimums total $650 and a consolidation loan requires $470 per month, the monthly debt burden may fall. But the mortgage lender still has to evaluate the new loan, verify old payoffs and consider the final credit profile. Read Does Consolidation Affect My Mortgage Application? before opening new credit close to underwriting.
Avoid last-minute refinancing during mortgage underwriting
New debt can trigger additional documentation or re-underwriting. If a mortgage application is already active, speak with the loan officer before applying for a balance-transfer card, personal loan, auto refinance or other credit product.
Funding can be fast, but payoff confirmation takes longerHow long does it take to refinance credit card debt?
The timeline depends on the product. A personal loan can sometimes be approved and funded within days, while a balance transfer may take several business days or longer to post. The process is not complete until every old balance you intended to refinance has been paid and verified.
Application and approval are only the first phase
After approval, funds must be disbursed or transfers processed. Then the old creditor has to post the payment. Continue monitoring both accounts until the balances and due dates are clear.
Credit reporting can lag behind actual payoff
A paid-off balance may not appear on every credit report immediately. If you are preparing for another application, save statements and payoff confirmations and allow time for the old creditor to post the payoff and for reporting to catch up.
Most refinancing mistakes happen after focusing on only one number
Common mistakes when refinancing credit card debt
Choosing the smallest monthly payment
A lower payment can be useful, but if it comes from extending debt from three years to seven years, total interest may rise. Compare total repayment, not just monthly cash flow.
Ignoring transfer or origination fees
A 0% offer is not free if the transfer fee is significant. A low-rate loan is not necessarily cheap if an origination fee reduces the amount you receive. Include every fee in the dollar comparison.
Using the paid-off cards again
This is the classic refinancing failure. The new loan remains, but the old cards are charged back up. Build a spending plan before the refinance and decide how each card will be used afterward.
Missing payments while waiting for transfers
Continue minimum payments until old creditors confirm payoff. Do not assume a pending transfer has satisfied a due date.
Refinancing right before another major loan
New inquiries and accounts can complicate a mortgage or other underwriting process. Coordinate timing when a major application is near.
A denial is information about the strategy, not a reason to apply everywhereWhat to do if you are denied for credit-card refinancing
If a balance-transfer card or personal loan is denied, avoid immediately submitting many more applications. Review the adverse-action notice or lender explanation, check your credit reports for errors and identify whether the obstacle is score, high balances, income, DTI, recent inquiries or another factor.
Improve the profile and try again later
Paying down revolving balances, keeping every payment current and reducing unnecessary applications can improve the profile over time. If DTI is the obstacle, use How to Reduce Your Debt-to-Income Ratio as a planning guide.
Call the card issuer directly
Even if new-credit refinancing is unavailable, the issuer may have hardship or rate-reduction options. Explain what you can afford and ask what programs are available.
Consider a debt management plan instead of another loan
If the balances are affordable only with lower rates or structured payments, nonprofit counseling may be a better fit than repeated credit applications. A DMP is not a refinancing loan, but creditor concessions can sometimes make repayment more manageable.
No legitimate company has a secret path to guaranteed lower interestCredit-card refinancing and interest-rate reduction scams to avoid
The FTC warns about companies that unexpectedly call consumers and promise special access to lower credit-card interest rates. Scammers may claim they have relationships with banks, create false urgency or demand upfront fees. You can contact your card issuer directly yourself.
Never pay an upfront fee for a promised interest-rate reduction
FTC guidance states that telemarketed debt-relief services cannot charge fees before they actually settle or lower debt under applicable rules. Treat guaranteed savings, pressure to act immediately and requests for sensitive account information as warning signs.
Do not share financial credentials with unsolicited callers
If someone contacts you unexpectedly claiming they can refinance or lower your rate, hang up and contact your issuer using the number on the back of the card or official website. Do not rely on caller ID or a phone number supplied by the caller.
A disciplined sequence reduces the chance of moving debt without improving itStep-by-step: how to refinance credit card debt
Step 1: inventory every balance
List card issuer, balance, APR, minimum payment, due date, current promotional terms and whether any balance has a different APR. This establishes the baseline.
Step 2: choose the payoff horizon
Decide whether the realistic goal is 12, 18, 24, 36 or more months. Comparing products on different timelines can make a more expensive loan appear cheaper simply because the payment is stretched out.
Step 3: calculate the current-card cost
Estimate the payment and interest required to reach zero using the current APR and target timeline. This is the benchmark every refinance offer must beat.
Step 4: compare balance-transfer and personal-loan options
Include every transfer fee, origination fee, standard post-promotion APR and the full loan term. If you are self-managing the process, Do It Yourself Debt Consolidation provides additional payoff verification steps.
Step 5: ask your current issuer for better terms
Before opening new credit, call the issuer and ask whether a lower APR or hardship option is available. A direct reduction can be cheaper than moving the debt.
Step 6: apply selectively
Choose the product that fits the goal and likely eligibility. Avoid sending a large number of applications.
Step 7: complete every payoff and keep paying until confirmed
Track transfer or loan disbursement, verify old balances and keep payment confirmations. Do not miss a due date because you expected a transfer to arrive sooner.
Step 8: set the new payment above the minimum when possible
Automate the amount needed to reach the chosen payoff date, not merely the minimum shown on the new account.
Step 9: prevent balance rebuilding
Remove saved card numbers from shopping accounts if necessary, create a cash buffer for emergencies and establish a clear rule for how paid-off cards will be used.
Primary consumer-protection references used in this guideSources and consumer guidance
Debtier prioritizes primary consumer-protection sources. The Consumer Financial Protection Bureau explains that balance transfers can carry fees, promotional rates are temporary and consolidation loans can reduce monthly payments while still increasing total cost when repayment is extended.
The CFPB also explains balance-transfer fees and how promotional balances can affect interest on new purchases. The Federal Trade Commission advises consumers to contact credit-card issuers directly when seeking lower rates or affordable payment arrangements and warns against paying companies for services consumers can request themselves.
FTC guidance also warns about credit-card interest-rate reduction scams, including unsolicited calls, guaranteed savings and demands for upfront fees. Product terms, eligibility and laws can change, so verify current disclosures before applying.
Frequently asked questions about refinancing credit card debt
These answers focus on the questions people most often face when deciding whether to move high-interest card balances into a different credit structure.
Is refinancing credit card debt the same as debt consolidation?
They overlap, but they are not identical. Refinancing means replacing or changing financing terms. Consolidation specifically combines multiple debts into one new structure. Moving one card to a lower-rate balance-transfer card is refinancing without necessarily consolidating several debts.
What is the cheapest way to refinance credit card debt?
If you qualify and can repay the full transferred amount within the promotional period, a 0% balance-transfer offer can be very inexpensive even after the transfer fee. But the required monthly payment may be high. A fixed-rate personal loan can be more realistic for a longer payoff period. Compare total dollars, not just APR.
Can I refinance credit card debt with a personal loan?
Yes. A personal or debt-consolidation loan can pay off card balances and replace them with a fixed installment payment. The strategy makes sense only when the approved APR, fees, term and payment improve the overall repayment plan.
Can I refinance credit card debt with bad credit?
Possibly, but low-cost options may be limited. If the available loan APR is close to the card APR or includes large fees, refinancing may not save money. Direct issuer hardship options or nonprofit credit counseling can be more appropriate when new credit is expensive.
Does refinancing credit card debt hurt your credit score?
Applying for new credit can create a hard inquiry and a new account, which can affect scores. Paying down revolving balances may reduce utilization, which can help. The net score effect varies by credit profile and scoring model, so it cannot be predicted precisely.
Should I close my credit cards after refinancing them?
Not automatically. Closing a paid-off card can reduce available revolving credit, while leaving it open can create a temptation to rebuild the balance. Consider annual fees, account age, utilization and your spending behavior before deciding.
How long does a credit card balance transfer take?
Timing varies by issuer and transfer method. A transfer may take several business days or longer. Continue making required payments on the old card until the transfer has posted and the old balance is confirmed. Do not assume a pending transfer satisfies an upcoming due date.
Should I refinance credit card debt before applying for a mortgage?
Do not open new credit close to or during mortgage underwriting without discussing it with the mortgage lender. A refinance may lower monthly obligations, but it also creates a new account or inquiry and can require additional underwriting documentation. Timing matters.
Bottom line: refinance credit card debt only when the new structure is genuinely better
Refinancing credit card debt can reduce interest, simplify payments and create a clearer payoff date, but only when the new financing is better after every fee and over the full repayment period. Start with the current balance, APR and realistic monthly payment. Compare a balance transfer, personal loan and direct issuer rate reduction using the same payoff timeline.
Do not let a lower monthly payment hide a longer and more expensive term. Do not assume a 0% transfer is free. And do not complete a refinance without a plan for the paid-off cards, because rebuilding those balances can leave you with more debt than you started with.
If attractive refinancing is unavailable, the answer may be to improve the credit profile, negotiate directly with the issuer or use nonprofit counseling rather than force another expensive loan. The objective is not to move debt—it is to create a realistic, lower-cost route to a zero balance.
Sources and guidance
This guide uses consumer-protection, lender and public guidance already cited in the article. Check current terms and official guidance for your own account or application.
- Consumer Financial Protection Bureau · consumerfinance.gov
- balance-transfer fees · consumerfinance.gov
- Federal Trade Commission · consumer.ftc.gov
- credit-card interest-rate reduction scams · consumer.ftc.gov
Debtier debt guides
A lower rate only matters if the debt reaches zero sooner or at a lower total cost.
Compare APR, fees, payoff term, monthly payment and credit impact before refinancing card balances.